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How can wealth management firms prepare to face turbulent times [Farnoush Farsiar]
Generational change. Global mobility. Farnoush Farsiar Technological revolution. Farnoush Farsiar of EU Today writes these are just some of the significant changes that have affected family offices, and ultimately impacting their practices and operations.

Family offices cater to an increasingly tech-savvy, younger and mobile generation more frequently. The financial crisis and the increasing accessibility of trading using internet-based tools has brought all customers, regardless of age at all, more involved in their own investment portfolios, meaning they want to gain more knowledge and more involvement as well as losing the old fashioned desire for discretionary portfolios, which are managed with arm's length.

These changes occur in a critical time of the economic and political chaos. If family offices continue using their current methods, they may realize that the people they were created to help will leave them. Instead, they need to adapt and adopt a more innovative approach to managing investments, in order to create an authentic value offering for UHNWIs.

While family offices may differ in terms of size and their scope, they should prioritise agility over trying to be experts in all fields. A smaller group of advisors who can quickly implement new technology and add external specialists when necessary can ultimately offer better service to clients. Since these changes require blurring the lines between private banking and family offices, successful firms will be those that can maintain the loyalty and trust that a family office has whilst remaining ahead of the curve in new technology and deals to source.

Farnoush Farsiar The ability to use traditional, reputation-based, and network-based methods for deal sourcing can lead to success. But, you can make use of online tools to discover opportunities and deals. Private offices and wealth managers that have a highly skilled staff can implement online deal sources platforms. https://www.trackometrix.com/farnoush-farsiar-why-are-so-few-women-in-finance-2/ This is in contrast to cumbersome banks that are ensconced in bureaucracy. They allow dealmakers to examine and review a vast variety of deals at the same time, resulting in a significant savings of time and resources.

Another online service that is altering how family offices interact with clients is Wealthica. Farnoush Farsiar Farnoush Farsiar The Wealthica dashboard service automatically collects investments from multiple sources and brings clients into regular contact. It's a huge change from the past when wealth managers only provided occasional updates about the progress of the clients' investments.

Farnoush Farsiar These tools aren't the only method wealth managers can increase efficiency and speed of their operations. The most crucial element in investing is the method that is used to implement them. It is essential to blend the traditional and new. https://professionalparaplanner.co.uk/tag/advice-threat/ For example you should continue searching for real estate deals, while also looking into investment opportunities in emerging areas such as food security or climate science. Impact investing has certainly "arrived" in the world of family offices. According to the UBS Global Family Office Report 2018, one third of family-owned businesses are involved in impact investments with the majority expecting to increase their involvement in the near future. There are many hurdles in this area like the measurement of the impact of investments and conducting due diligence the future generation of HNWIs/UHNWIs will want their family offices to be able determine and secure these kinds of investments. Plato Capital, which I founded in 2004, is an investment banking institution which focuses on entrepreneurs. Our local expertise and network enables our clients to manage risk and make optimal return on their capital.

Wealth managers of any age are able to survive turbulent times by blending old and modern, adjusting quickly to new demands and being willing to take chances with their own structures. https://bmmagazine.co.uk/business/top-10-banking-trends-according-to-farnoush-farsiar/
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